Credit Union of Southern California is headquartered in Anaheim and is the 27th largest credit union in the state of California. It is also the 179th largest credit union in the nation. It was established in 1954 and as of September of 2022, it had grown to 325 employees and 133,085 members at 20 locations. Credit Union of Southern California's money market rates are 3X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Credit Union of Southern California is open to those who live, work, worship, or attend school in the California counties of Los Angeles,Orange, Riverside, or San Bernardino. Family members of current Credit Union of Southern California members are also eligible to join.
See current membership details
Taking my father's advice
I joined this credit union during my first year of college. I had just received my first job, and I had been banking with a major bank institution and wasn't too happy with it. I did not like the fact that my deposits were not immediately available. In addition, I didn't appreciate some of the fees they threw my way. That was when my father suggested I transfer my business to a credit union. He assured me that I would pay a lot less with the credit union, especially in regard to the fees. I took my father's advice in 1990 and I am still a happy customer to this date. When I wanted to purchase a brand new car, my father also suggested that I do it through my credit union. So it was really nice to be able to show up to a car dealership and say, "I already have a loan approved for this amount of money, can you show me cars that fit in the budget?" Of course, they wanted me to go with their financial people, so I showed them my paper with approved loan and interest rate and I asked, "Can any of your people beat this rate?" The salesman seemed very sheepish and said, "Well, no." I love my credit union and won't leave it.
At last
I finally had had it with the big bank interest. I had a active Credit union account but it was several miles away and they were limited in ATM access. I hot footed it down to the local credit union and applied. I was received as if I was an old friend returning home. They review account options and to my surprise (but not really) their charges were minimal. I signed up for a savings account. I will in the very near future establish a checking account with these good people and get out of the big banks loop. I would advise everyone to open an with a credit union---and maybe this might be a signal to big corp. banks we are tire of being ripped off.
Money In The Bank
Love this place, when I deposited some checks on my birthday, the lady gave me a lollipop.
A Rocky Start Then Improved
I saw that SoCAL CU opened a new branch in my area, and I was excited to finally have a CU that was actually local, especially since my existing CU had gone into bunker mode because of COVID and it was impossible to get my new ATM card set up.
The first hitch was their new account documentation policy on their web site was inaccurate and docs they said they would accept as proof of residency where not actually accepted (and Why is a W-2 with my name and address + my passport is not proof of residency?) on top of that I had a postcard they send me with name and address on it asking me to consider opening an acct.
Getting the account opened took days, getting it funded via ACH transfer was a hassle and I got hit with overdraft fees day one because my other bank does a test transfer for new transfer and deposits and withdraws a few cents.
SoCALCU put a hold on the 12 cent transfer and then when my other bank transferred it back, they hit me with an over draft fee, which I had to call and get removed.
Ok so account opened and funded time to start using them. Lets deposit some checks using the app (E-deposit). I had a $1500 disbursement from my investment acct, I start the app and says I have a $2,000 a day deposit limit, ok that is reasonable. Deposit made, all good.
Next month I go to deposit the disbursement and my daily e-deposit limit has been slashed to $900, WTF? That is less then most people get as a paycheck. Call them and ask why? They say because new account, I point out they where fine giving me a $2,000 limit when I opened the acct.
Was pretty close to telling then to close my account, but stuck with them.
Since then they have improved or at least not made any mistakes. Sent my wife over to open a saving acct and IRA around April 12th, and they had clearly gotten their act together as opening and funding the account went much smoother.
So overall some customer relation issues in 2020 that seem to have been worked out in 2021.
I have not used any other services, no loans, no credits, I am satisfied with their service as place to deposit money.
Credit Union of Southern California is Great!
I've been with this bank for around four years, now. I have never paid any fees, as I have free checking and savings accounts, and haven't had any unexpected fees pop up. I did have to pay $10 in order to set up my account, but I believe I get that back, if I ever close them. When I go into my local branch, the people are always at least relatively nice and friendly, and the lines are never long. I've never had any incorrect transactions, unlike with other banks I've been with. My only complaint is that using their website isn't the best; it seems like they are down for maintenance twice a week, and the notices about when they are going to be down are up long after that time has passed. Other than that, I'm very happy with my bank, and hope to be with it as long as I need to.
Data as of Q3 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68456 |
| Year Chartered | 1954 |
| Employees | 325 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.99% |
| Return on Equity - YTD | 23.31% |
| Annual Interest Income | $56.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $2.38B$2.22B |
| Loans | Q3 2022vs Q3 2021 | $1.38B$1.19B |
| Deposits | Q3 2022vs Q3 2021 | $2.00B$1.96B |
| Equity Capital | Q3 2022vs Q3 2021 | $101.4MM$215.6MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $11.1MM$11.4MM |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $4.2MM$1.5MM |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$0 |
